Answered on January 11,2018
It is illegal to hold more than one PAN. There is penalty of Rs 10,000 under section 272 B of the Income-tax Act, 1961, which can be imposed in case of holding multiple PANs. Further, if the person holds multiple PANs for wilful evasion of taxes, the individual can also be liable for prosecution under income-tax laws
Answered on June 08,2018
You can surrender a PAN using both online and offline processes.
- Visit https://www.online..
- Fill and submit a ‘Changes or Correction in existing PAN data/Reprint of PAN Card (No Changes in existing PAN Data)” application form by mentioning the PAN that you are using currently. The form also provides space to mention all other PAN(s) that may have been inadvertently allotted to you. A copy of the corresponding PAN cards should be submitted along with the cancellation request.
Download the form from NSDL’s website
Mention the PAN you want to continue with on the top of the form and list all the PAN cards that may have been allotted to you.
Submit this form to your nearest UTI or NSDL Tax Information Network facilitation centre.